Fabasoft Contracts, an AI-based contract management software, has been nominated for the eAward in the category “Machine Learning and Artificial Intelligence.”
A core requirement for automating contract-related tasks and processes is the ability to understand the unstructured content in contracts and agreements. The AI-based Fabasoft Contracts software applies neural networks and machine learning methods to understand key contractual content and clauses. OCR technology makes scanned documents readable and, thanks to an intelligent semantic full-text search, the scanned documents can be located on the basis of their content.
Embedded in a fully comprehensive standard software system, this helps speed up contract drafting and digitalization significantly. With a range of customizable dashboards and views, the solution supports users in all relevant business units and facilitates efficient and traceable collaboration. Even external partners can be integrated in confidential data rooms as early as the contract generation stage. The system’s integrated advanced electronic signature functionality provides further support for everyone involved. This frees up resources that can instead be focused on the actual contractual content, at the same time streamlining all involved processes across the entire contract lifecycle.
A total of 48 products, services, and solutions from Germany, Austria, and Switzerland have been nominated in six different categories for the 2021 eAwards. These include a diverse range of digitalization solutions that share the common denominator of simplifying and optimizing business processes in a sustainable and innovative way. The award-winning nominees will be announced this fall.
See more about the eAward “Machine Learning and Artificial Intelligence”